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20110701
20110731
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CSPAN 1
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CSPAN
Jul 18, 2011 8:00pm EDT
they think, no big deal. if we don't raise the debt ceiling, we can't pay 60% of our debts. but we've got to make some concrete choices on who gets that 60%. and no matter who gets it, it will create a cat clizz. for the united states and perhaps the -- a cataclysm for the united states and perhaps the entire world. italy, spain, greece, ireland are already in trouble in europe, an they don't have central banks like we have the federal reserve so to some degree we can have an auction of treasury notes and bring in revenue, they don't. if we end up having a very, very serious economic problem in this country, it's going to trigger a worldwide recession. nobody wins. nobody comes out on top if this happens. and the unemployment numbers, 9.2%, they're going to rise. i don't want people looking at this tonight or any of my colleagues believing that those are my numbers or that i'm the only one who believes there's going to be trouble. ben bernanke, re-appointed by george bush, says if we make deep cuts in the u.s. budget, it is going to create a problem because right now the only money that i
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